Finance / Taxes

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Earned Income Tax
Every person who resided for part of or all of the year in Eldred Township is required to pay a 1% Earned Income Tax which is assessed on all wages, salaries, commissions, bonuses, incentive payments, fees, tips and/or other compensation for services rendered. In addition, those who conduct businesses, professions, and other activities for profit must pay tax on the net profit derived from their business or profession.

Who must file a declaration of Estimated Tax - Tax Rate 1% of Gross Wages? All taxpayers who anticipate earned income or net profits in excess of $2,500 in a given calendar or fiscal year if not withheld.

Resident employers are also required to withhold the 1% tax from their employees and file a Quarterly Return with the Earned Income Tax Office. One half percent goes to the Pleasant Valley School District and one half remains with Eldred Township to provide municipal services. Most employers will withhold the 1% tax, which is then sent to the resident’s home jurisdiction. The 1% tax will be collected directly from those who are 1) selfemployed; 2) salaried but self-employed in a side business; or 3) work in a municipality where the tax is not collected. A Quarterly Estimate Form is required to be filed with the Earned Income Tax Office.

A Final Tax Return must be filed on or before April 15 of the succeeding year. Failure to do so can result in substantial penalties and interest. Failure to receive a tax return does not relieve of the responsibility to file one. A final return is required even though all taxes may have been withheld from wages. Forms which are required for reporting and filing are:

• Earned Income Tax Return
• Quarterly EIT Report
• Employer's Quarterly EIT Form
• Employer's EIT Registration Form

Visit www.hab-inc.com to download forms and obtain more information, or www.berk-e.com to perform online filing.

Use Pleasant Valley School District Tax Code: 450202 for any filings and tax returns.